Paragraph Styles Variable: Sales camisaiona 4% of Bale Fixed: Advertising Rent Salaries Utilitier Insurance $230, 000 s 21,000 $112,000 $ 8,500 $ 3,300 17,000 Depreciation Insurance is paid on an annual basis, in November of each year The company plans to purchase $17,500 in new equipment during May and $43,000 in new equipment during June, both purchases will be for cash. The company declares dividends of $17,250 each quarter payable in the first month of the following quarter The company's balance sheet as of March 31 is given below Assets Cash Accounts receivable (34, 580 February salea: $422,240 March sales) 456, 820 Inventory Prepaid insurance Property and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Dividends payable 77,000 112, B32 22,500 $1,649,152 s 103,000 17,250 Common stock Retained earninga Total 1iabilities and stockholdera' equity 860,000 668.902 $1, 649,152